Abu Dhabi plans $5bn investment in Russia

The Abu Dhabi investment accord was announced by the Kremlin in Moscow.

Abu Dhabi plans to invest $5 billion in Russian infrastructure in a venture to be set up with the country's state-backed private equity fund, aimed at funding toll roads, ports and airports, the Kremlin and the Russian fund said on Wednesday.

Moves to improve infrastructure, some of which has changed little since Soviet times, are considered vital by investors to modernise Russia and make its economy more competitive.

President Vladimir Putin unveiled a $13 billion investment plan to build new roads and railways at an economic forum in St Petersburg in June.